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ASIC & FINANCIAL INNOVATION Sydney Fintech Meet-up: Startups Tuesday 15 September 2015 John Price, Commissioner Mark Adams, Senior Executive Leader, Strategic Intelligence
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Outline Part 1 – Setting the scene – John Price ASIC’s role Why regulation ASIC’s Innovation Hub Part 2 – Framework and issues – Mark Adams Starting a business The regulation of financial services Licensing Business models: Some issues Questions
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ASIC’s role ASIC’s strategic objectives Relationship with other regulators
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Why regulation Promote trust and confidence Promote fair treatment Promote financial stability
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Our experience with Innovation We are seeing innovative business models Compared to incumbents, innovators have: Limited resources Limited history with ASIC Some fintechs may also test the boundaries
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ASIC’s Innovation Hub The Hub will assist fintech start-ups to navigate our regulatory system Consistent with cutting red-tape ASIC will not compromise fundamental principles of regulation or licensing
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ASIC’s Innovation Hub: 5 point approach Engagement Streamlined approach Enhanced communication Coordination Establish an advisory committee
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What we have done so far A coordination team Webpage, guidance and email address Digital Finance Advisory Committee (DFAC)
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Preliminary assistance Marketplace Lending6 Robo Advice9 Payments6 Crowd Sourced Equity Funding5 Markets2 Other6 Total34
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What we expect of you If seeking informal assistance: Have a well developed business model Explain why innovative Explain why benefits consumers/investors Identified regulatory issues
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Outline – Part 2 Starting a business Regulation of financial services Licensing Business models – some issues Questions
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Starting a business ASIC’s Small Business Hub o Business name registration o Company registration IP Australia – for trademarks
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Financial Services Framework Financial Services Financial Products Financial Markets Consumer Credit Wholesale and/or retail services
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Licensing – some issues Corporate authorised representative? Tailored form of licence Organisational competency
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Licensing process Application Completeness check Additional information Decision
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Robo Advice Potential consumer/investor benefits Regulatory issues: o Factual/General or personal advice o Scaled advice o Best interests duty
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Marketplace lending Potential investor/borrower benefits Regulatory issues: Disclosure Creditworthiness Conflicts of Interest
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Crowd Sourced Equity Fundraising Watch this space Status of regulatory reforms Likely elements of the reforms: Intermediary licensing and obligations Disclosure Caps
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Payments Regulator cooperation ePayments Code Digital currency: regulatory status Blockchain technology: potential
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Questions? Web: www.asic.gov.au/for-business/your- business/innovation-hub/ Email: innovationhub@asic.gov.au
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